Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#7 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #21 of 98 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded / domicile
US · San Francisco
Payments-infrastructure company issuing the USD-pegged RLUSD via its Standard Custody trust.
Ripple does not issue its stablecoin from the parent company. RLUSD is issued by Standard Custody & Trust Company, LLC (SCTC), a New York limited purpose trust company that Ripple owns. The New York State Department of Financial Services (NYDFS) granted SCTC its trust charter on 4 May 2021. Ripple announced the close of its SCTC acquisition on 11 June 2024.
Parent and business
The parent is Ripple Labs Inc., a Delaware corporation founded in 2012 and based in San Francisco. The OCC describes it as the ultimate parent of a group that provides payments products built on blockchain technology. Ripple's site lists payments, custody, stablecoin, prime brokerage and treasury management products. At the SCTC closing, Ripple said it held nearly 40 US money transmitter licences. It bought Metaco, an institutional custody provider, in May 2023.
A federal charter in progress
On 12 December 2025 the OCC granted preliminary conditional approval to charter Ripple National Trust Bank in New York, with Ripple Labs as its direct holding company. The bank plans to manage the segregated reserve behind RLUSD on a directed basis. It also plans to act as collateral trustee for RLUSD holders.
Sources: OCC preliminary conditional approval letter, Ripple National Trust Bank (12 Dec 2025), NYDFS press release, trust charter granted to Standard Custody & Trust Company, Ripple, closing of the Standard Custody acquisition (11 Jun 2024), Ripple company page
RLUSD is Ripple's only stablecoin.
RLUSD's supply, counted once across its chains.
Supply of every coin Ripple issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$2.4B
Read on 6 chains, all in the total
Ethereum70%$1.7B
XRPL29%$711.8M
Base1%$16.1M
Optimism<1%$143
Ink<1%$139
Unichain<1%$136In DIA's latest read, RLUSD sits 1 bps below its USD peg. RLUSD's typical daily move over the last 90 days was 1.8 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
$564.2M supplied to 13 lending markets on 5 protocols. That is 23.2% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Ripple coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Ripple issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$564.2M
supplied to 13 lending markets on 5 protocols
80%
Borrowed
share of supplied stablecoins now on loan
3.04%
Average supply APY
weighted by the balance in each market
70%$397.0MEthereumRLUSD / kBTC$244.2M3.42%89%EthereumRLUSD / weETH$78.1M3.95%87%EthereumRLUSD / USDe$35.2M3.74%90%EthereumRLUSD / WBTC$26.5M2.16%85%EthereumRLUSD / FXRP$9.4M7.07%90%EthereumRLUSD / cbBTC$3.4M5.10%89%EthereumRLUSD / syrupUSDC$234K3.42%79%EthereumRLUSD / wstETHNo withdrawable balance$4K30.49%100%24%$134.1MEthereumRLUSD$134.1M1.65%57%5%$30.0MEthereumRLUSD$30.0M2.29%62%1%$2.8MEthereumRLUSD$2.8M3.08%77%<1%$337KEthereumRLUSD$179K4.89%91%EthereumRLUSD$157K3.18%73%Ethereumin 13 lending markets100%$564.2MEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
23.2%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.2%)
New York limited-purpose trust company chartered and supervised by the New York State Department of Financial Services.
Licences: NYDFS trust charter (Standard Custody & Trust Company, a Ripple subsidiary), US state money transmitter licences (Standard Custody & Trust Company, NMLS 2261284)
Authorised by the Dubai Financial Services Authority in the Dubai International Financial Centre. Distinct from VARA, ADGM and the CBUAE — the UAE has four separate regimes and they are not interchangeable.
What Ripple publishes
Ripple publishes monthly attestations on its RLUSD transparency page, due no more than 30 days after month end. The page lists reports from December 2024 through August 2026. It says an independent CPA licensed in the United States performs them under AICPA attestation standards. Ripple's developer documentation names Deloitte as the firm.
On 24 September 2026 the page reported $2,409.0M of RLUSD in circulation against $2,531.5M of reserve funds. Reserves sit in segregated accounts. Ripple names BNY as primary reserve custodian as of July 2025. The documentation lists the eligible assets as Treasury bills, government money market funds, overnight reverse repurchase agreements and deposits at US state or federally chartered depository institutions.
What the reports show
The transparency page gives two totals. The monthly attestation reports break the reserve down by asset class and list each Treasury bill by CUSIP and maturity date. No audited financial statements for SCTC appear on the transparency page.
Sources: Ripple RLUSD transparency and attestation reports, Ripple developer docs, RLUSD overview, Ripple stablecoin product page, RLUSD Reserve Report, August 2026 (Deloitte & Touche LLP)
United States
The New York State Department of Financial Services chartered Standard Custody & Trust Company, LLC as a limited liability trust company on 4 May 2021, under New York Banking Law. The charter covers digital asset custody and related services for New York customers. Ripple names SCTC as the RLUSD issuer.
The Office of the Comptroller of the Currency granted Ripple National Trust Bank preliminary conditional approval on 12 December 2025. Under the letter, final approval to begin business waits until all preopening requirements are met.
Dubai
Ripple announced on 3 June 2025 that the Dubai Financial Services Authority had approved RLUSD as a recognised crypto token for use in the Dubai International Financial Centre. The same release calls Ripple's payments service in the region DFSA-licensed.
Sources: NYDFS press release, trust charter granted to Standard Custody & Trust Company, OCC news release NR 2025-125, five national trust bank conditional approvals, OCC preliminary conditional approval letter, Ripple National Trust Bank, Ripple press release, RLUSD approved by DFSA as recognised crypto token (3 Jun 2025), Ripple RLUSD transparency page
Ripple has one stablecoin: RLUSD, a US dollar stablecoin launched on 17 December 2024. Ripple's developer documentation says SCTC and other regulated Ripple subsidiaries issue and distribute it.
RLUSD is natively issued on the XRP Ledger and Ethereum. The documentation lists seven chains in all, adding Base, Ink, Optimism, Unichain and the XRPL EVM sidechain.
Minting and redemption are open to enterprise institutions that meet bank-level KYC and AML requirements. Redemption burns RLUSD and settles US dollars to the customer's bank account.
Sources: Ripple developer docs, RLUSD overview, Ripple press release, RLUSD launches globally (17 Dec 2024)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
